Agenda - Council - 03/24/2015 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the premises and the covenants hereinafter set forth, and of one dollar and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: ARTICLE I DEFINITIONS For purposes of this Loan Agreement the following terms shall have the meanings set forth in this Article I. Terms used in this Loan Agreement and not otherwise defined herein have the meanings set forth in the Development Agreement. "Advance" means an advance to the Borrower of all or any portion of the proceeds of either of the Loans in accordance with the terms hereof. "Borrower" means F & C Ramsey Member, LLC, an Indiana limited liability company. "Complete," "Completed" and "Completion" mean that (a) the Minimum Improvements are completed in accordance with the Final Construction Plans; (b) the HRA has issued the Certificate of Completion described in Section 5.5 of the Development Agreement; and (c) no Default or Event of Default has occurred and is continuing. "Completion Date" means the earlier of (a) the date Developer Completes construction of the Minimum Improvements; or (b) the "Completion Date" as defined in the Development Agreement; provided, however, if a Developer's completion of construction of the Minimum Improvements is delayed as a result of an "Unavoidable Delay," as defined in the Development Agreement, the Developer gives the HRA notice of the Unavoidable Delay within thirty (30) days after the onset of the Unavoidable Delay and the Developer uses all commercially reasonable efforts to -complete the construction of the Minimum Improvements as promptly as reasonably possible given the conditions causing the Unavoidable Delay, the Completion Date, as defined herein, will extend for a period of time equal to the duration of the condition causing the Unavoidable Delay plus a reasonable time for recovery and restoration following the cessation of such condition. "Construction Cost Statement" means the Sworn Construction Cost Statement referred to in Section 2.3 hereof executed or to be executed by the Developer and the General Contractor. "Construction Contract" means that certain agreement dated , 201_ between the Developer and the General Contractor. "Contractor" means any Person including, without limitation, the General Contractor, that has a contract or subcontract under which payment may be required for any work done, materials supplied, or services furnished in connection with the design, construction and/or completion of the Minimum Improvements. "Corporate Guarantor" means Flaherty & Collins Construction, Inc. C-2-2 2695614v16